For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100th meal is:
A. $4.
B. $0.
C. $0.25.
D. $6.
Answer: B
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Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of
A) microeconomics. B) social interest versus self-interest. C) macroeconomics. D) why to produce. E) scarcity.
Suppose the market consists of 3 individuals: Citizen A, Citizen B and Citizen C.
If the good shown on the graphs is a private good, then at a price of $4, market demand is ________ units.
A. 5 B. 30 C. 60 D. 10
A normal profit is:
A. the average profitability of a firm over one complete business cycle. B. calculated by subtracting explicit costs from total revenue. C. the "price" required to retain entrepreneurial talent in some particular line of production. D. the amount by which total revenue exceeds total operating costs.
The decision by firms to enter a market shifts the market supply curve to the right.
Answer the following statement true (T) or false (F)